S&P: American Express outlook negative

Standard & Poor's said it changed the outlook on American Express Co. to negative from stable. The counterparty credit rating remains at A+/A-1.

S&P said the negative outlook reflects the possibility that operating stress may fall outside expected bounds with the worsening of the U.S. economy.

The agency said it believes that further declines in the housing market combined with increases in unemployment could push industry asset-quality deterioration beyond peak levels from past economic cycles.

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